Yandex Buys Out Uber From Joint Ventures In $1bn Deal

Russian IT giant Yandex said Tuesday it had reached a $1 billion deal to buy out ride-hailing service Uber from several joint ventures, squeezing the US company out of ex-Soviet markets.

Under the deal, Yandex will buy Uber’s stake in their shared food delivery operations and a business that develops self-driving vehicles, gaining 100 percent ownership.

Yandex will also increase to 71 percent its stake in transport ventures with Uber — including taxi and car-sharing services — with an option to purchase the remaining shares for up to $2 billion. 

The deal, which has already been approved by Yandex and Uber’s boards, is expected to close by year-end.

Yandex, which had nearly $3bn on hand in cash and deposits at the end of the second quarter of 2021, is one of a number of Russian companies vying to set up China-style “ecosystems.”